ABC's iconic Elsternwick studios snapped up by Woolworths for $40-$50 million through Savills

ABC's iconic Elsternwick studios snapped up by Woolworths for $40-$50 million through Savills
ABC's iconic Elsternwick studios snapped up by Woolworths for $40-$50 million through Savills

Retail giant Woolworths has snapped up ABC's former studios in the Melbourne suburb of Elsternwick for a reported $40-$50 million in a deal brokered by Savills.

The public broadcaster confirmed Tuesday it had completed the tender process for the sale, according to a report in the Sydney Morning Herald.

The property was put on the market late last year through an expressions of interest process that closed December 6, 2016.

“Staff from Selwyn Street will commence moving to the ABC's Southbank headquarters in April 2017," ABC  said in a statement.

The report cited title documents obtained by BusinessDay showing Woolworths' development arm, Fabcot Pty Ltd, had placed a caveat over the ABC site.

Savills’ Clinton Baxter, Nick Peden and Jesse Radisich, who brokered the deal, did not comment on the deal value, but sources cited by report put it between $40 million to $50 million.

"The sale price is confidential, however the tender process ensured the amount was in line with market expectations," ABC spokesman Nick Leys said.

The ABC will now move to sell its nearby Gordon Street studio through a similar tender sale process, Leys said.

All television and radio production at the two sites will move to the broadcaster's Southbank studios.

The sale of Elsternwick marks the end of an era for Australian television as it was the site of ABC TV's first ever broadcast in 1956.

Both the Elsternwick and Gordon Street sites were used as offices and warehouse facilities for different ABC production units, and have occasionally been used to film scenes from popular shows, including Countdown, Kath and Kim and Hugh Jackman's prison drama Correlli.

The ABC's redeveloped Southbank site has studios large enough to incorporate its operations from Elsternwick.

The corner property at Elsternwick is a 6155 sqm block on six separate titles in a mixed-use zone which comprises offices, storage facilities and some of the ABC’s Melbourne television studios, according to a Savills news release earlier.

A $9.4 million Elsternwick building block with permission for five homes looks set to be the location for this year’s series of The Block.

 

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